| Naked
Option |
An
option position that is not offset by an equal and opposite position
in the underlying security. (see Options, Uncovered
Call, Uncovered
Put) |
| NASD |
National
Association of Securities Dealers, Inc. - The self-regulatory organization
of the securities industry responsible for the regulation of The
Nasdaq Stock Market and the over-the-counter markets. The NASD operates
under the authority granted it by the 1938 Maloney Act Amendment
to the Securities Exchange Act of 1934. |
| Nasdaq |
National
Association of Securities Dealers Automated Quotation system. |
| Nasdaq
Composite Index |
The
Nasdaq Composite Index measures all Nasdaq domestic and non-U.S.
based common stocks listed on The Nasdaq Stock Market. The Index
is market-value weighted. This means that each company's security
affects the Index in proportion to it's market value. The market
value, the last sale price multiplied by total shares outstanding,
is calculated throughout the trading day, and is related to the total
value of the Index. |
| Nasdaq
International Ltd. |
A
subsidiary of the NASD headquartered in London, England. Its mission
is to support NASD members in London, serve as a liaison to international
companies seeking to list securities on Nasdaq. |
| Nasdaq
International Service |
An
extension to The Nasdaq Stock Market's trading systems that allows
early morning trading from 3:30 to 9:00 A.M. Eastern Standard Time
on each U.S. trading day. This Nasdaq service enables participants
to monitor trades during London market hours. NASD members are eligible
to participate in this session through their U.S. trading facilities
or through those of an approved U.K. affiliate. |
| Nasdaq
National Market Securities |
The
Nasdaq National Market consists of over 3,000 companies that have
a national or international shareholder base, have applied for listing,
meet stringent financial requirements and agree to specific corporate
governance standards. To list initially, companies are required to
have significant net tangible assets or operating income, a minimum
public float of 500,000 shares, at least 400 shareholders, and a
bid price of at least $5. The Nasdaq National Market operates from
9:30 A.M. to 4:00 P.M. EST, with extended trading in SelectNet from
8:00 A.M. to 9:30 A.M. EST and from 4:00 P.M. and 5:15 P.M. EST. |
| Nasdaq
SmallCap Market Securities |
The
Nasdaq SmallCap Market comprises of over 1,400 companies that want
the sponsorship of Market Makers, have applied for listing and meet
specific and financial requirements. Once a company is approved and
listed on this market, Market Makers are able to quote and trade
the company's securities through a sophisticated electronic trading
and surveillance system. The Nasdaq SmallCap Market operates from
9:30 A.M. to 4:00 P.M. EST., with extended trading in SelectNet from
8:00 A.M. to 9:30 A.M. EST and from between 4:00 P.M. and 5:15 P.M.
EST. |
| Nasdaq-100
Index |
The
Nasdaq-100 Index includes 100 of the largest non-financial domestic
companies listed on the Nasdaq National Market tier of The Nasdaq
Stock Market. Launched in January 1985, each security in the Index
is proportionately represented by its market capitalization in relation
to the total market value of the Index.
The Index reflects Nasdaq's largest growth companies across major industry
groups. All index components have a minimum market capitalization of $500
million, and an average daily trading volume of at least 100,000 shares. |
| Negotiable |
Refers
to a security, title to which is transferable by delivery. |
| Net
Asset Value |
Usually
used in connection with investment companies to mean net asset value
per share. An investment company computes its assets daily, or even
twice daily, by totaling the market value of all securities owned.
All liabilities are deducted, and the balance divided by the number
of shares outstanding. The resulting figure is the net asset value
per share. (see Assets, Investment
Company) |
| Net
Change |
The
change in the price of a security from the closing price of one day
to the closing price on the next day on which the stock is traded.
The net change is ordinarily the last figure in the newspaper stock
price list. The mark +11/8 means up $1.125 a share from the last
sale on the previous day the stock traded. |
| Net
Income |
Income
after all expenses and taxes have been deducted, and used in calculating
a variety of profitability and stock performance measures. |
| New
Issue |
A
stock or bond sold by a corporation for the first time. Proceeds
may be used to retire outstanding securities of the company, for
new plants or equipment, for additional working capital, or to acquire
a public ownership interest in the company for private owners. |
| New
York Stock Exchange (NYSE) |
The
largest organized securities market in the United States, founded
in 1792. The Exchange itself does not buy, sell own, or set the price
of securities traded there. The prices are determined by the public
supply and demand. The Exchange is a not-for profit corporation of
1,366 individual members, governed by a Board of Directors consisting
of 12 public representatives, 12 member firm representatives, and
a fulltime chairman, executive vice chairman and president. |
| No
Load Fund |
Mutual
Fund offered by an open end investment company that imposes no sales
charge (load) on its shareholders. Investors buy shares in no-load
funds directly from the fund companies, rather than through a broker
as is done in load funds. Many no-load fund families allow switching
of assets between stock, bond, and money market funds. The listing
of the price of a no-load fund in the newspaper is accompanied by
the designation NL. The net asset value, market price and offer prices
of this type of fund are exactly the same, since there is no sales
charge. |
| No
Quote (NQ) |
No Market
Makers making an inside
market at this time. |
| Noise |
Price
and volume fluctuations that can confuse interpretation of market
direction. |
| Noncumulative |
A
type of preferred stock on which unpaid dividends do not accrue.
Omitted dividends are, as a rule, gone forever. (see Cumulative
Preferred) |
Number
of Estimates
(# of Est) |
Number
of analysts included in the Mean EPS forecast. |
| NYSE
Composite Index |
The
composite index covering price movements of all common stocks listed
on the New York Stock Exchange. It is based on the close of the market
December 31, 1965 as 50.0 and is weighed according to the number
of shares listed for each issue. The index is computed continuously
and printed on the ticker tape. Point changes in the index are converted
to dollars and cents so as to provide a meaningful measure of changes
in the average price of listed stocks. The composite index is supplemented
by separate indexes for four industry groups: industrial, transportation,
utility and finance. (see Averages) |
